Loan Comparison: 3.21% vs 6.5%
7980 Idlewild, Commerce City, CO 80022 · 2bd/1ba · $375,000
List Price
$375,000
Assumable Rate
3.21%
Remaining Balance
$288,904
Equity Gap
$111,313
Loan Type
FHAAdjust Your Scenario
$18,750
$18,750$111,313
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 3.21% (FHA)
Blended Rate: 4.49%
Monthly Payment Comparison
New Conventional @ 6.5%
$2,252/moAssumable @ 3.21% + gap loan
$1,963/moAssumed loan: $1,251/mo
Gap financing: $712/mo
$289less per month with the assumable
Your Savings on This Property
7980 Idlewild, Commerce City · 3.21% FHA vs 6.5% conventional
$289
per month
$3,468
per year
$104,047
over 30 years
$129,264
interest saved
How gap financing works: The equity gap ($111,313) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($18,750, 5% of purchase price) and a second mortgage for the rest ($92,563 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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